Author: Nerteley Nettey
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Oil Palm Development Assoc. welcomes exemption of palm oil from 50% benchmark value
The Oil Palm Development Association of Ghana (OPDAG), has welcomed government’s decision to exempt the oil palm from the 50% reduction in the benchmark value of imports as announced on Monday 11th May 2020. According to them, the move will provide a level playing field to ensure that local producers remain competitive in the near…
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Bank of Ghana’s index indicates economic decline due to COVID-19
Data released by the Bank of Ghana indicates that the national economy has experienced a recession since the middle of March 2020 when government began taking measures to contain the spread of the novel Coronavirus. According to the Bank, the national economy contracted by 2.2 percent in March 2020, as compared to a growth of…
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Primary reserve requirement reduced to 6% to provide liquidity to SDIs
The Bank of Ghana has reduced the Primary Reserve Requirement for savings and loans companies, finance house companies, and rural and community banks from 8 percent to 6 percent, as well as the 10 percent primary reserve ratio for micro finance companies to 8 percent. This is part of measures to further provide economic relief…
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50% Benchmark value is still applicable – GRA
The Ghana Revenue Authority has dismissed reports that it has been directed by the Ministry of Finance to reverse the 50% benchmark value on imports. According to the Authority, the benchmark value policy also known as the discount policy continues to be implemented as originally announced by His Excellency, the Vice President, Dr. Alhaji Mahamudu…
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Ghana’s COVID-19 cases hit 5,638 with 1,460 recoveries; 28 deaths
New figures released by the Ghana Health Service show that 108 more people have tested positive for the novel coronavirus. This brings to 5,638 the total number of people who have tested positive for the virus in the country. Four more persons who tested positive for the virus have also died, bringing to 28 the…
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Bank of Ghana keeps policy rate at 14.5 percent amid COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana, has maintained the policy rate at 14.5 percent. This is the first time the rate has been kept unchanged after it was reduced by 150 basis points early this year. The MPC, at the time said the decision was among other things influenced by the…
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COVID-19: Bayport donates PPE worth GHS100,000 to selected hospitals
As part of efforts to support government in the fight against the COVID-19 pandemic, Bayport Savings and Loans PLC, has donated test kits, Personal Protection Equipment (PPE), toiletries and boxes of water worth GHS100,000 to selected hospitals across Ghana. The hospitals that received the donations include the Ga East Hospital in Kwabenya and the Kumasi…
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COVID-19: Petroleum Commission optimistic of less impact on upstream production
The Chief Executive Officer of the Petroleum Commission Ghana, Egbert Faibille Jnr, has assured the public that the Commission will continue to fulfill its mandate of managing the utilization of the nation’s petroleum resources in spite of the COVID-19 pandemic. Speaking to Citi Business News during the unveiling of new solar-powered hand-washing machines procured by…
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Reduce policy rate to inject liquidity into financial sector – Economist to BoG
As the Monetary Policy Committee (MPC) of the Bank of Ghana prepares to announce its policy rate decision today, Friday, May 14, an Economist, Dr. Lord Mensah, is optimistic the Committee will further reduce the policy rate to mitigate the impact of the COVID-19 pandemic on businesses and individuals. He explains that reducing the policy…
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Nana Amoasi VII writes: Universal electricity access and inter-linkages with other SDGs
Energy is widely regarded as a major determinant of economic prosperity of any State. It is accepted as a crucial ingredient that propels any economic activity, and indeed the pillar of wealth creation. Especially in the developing world, the provision of a greater access to energy has been suggested by some as vital in helping…